A federal judge has issued a scathing ruling against Jay Peak developer Ariel Quiros, agreeing preliminarily with federal regulators that the Miami businessman was the mastermind behind the largest EB-5 fraud case in the country that played out in the mountains of northern Vermont.

Judge Darrin P. Gayles, in a ruling handed down on Monday in federal court in Miami, froze the assets Quiros, the owner of Jay Peak, had accumulated through funds raised from EB-5 investors meant to pay for developments in northern Vermont. The judge also barred Quiros, a Miami businessman, from raising funds from the program.

Gayles agreed to the request for the injunction against Quiros from the U.S. Securities and Exchange Commission, and in a 44-page ruling, said the SEC wove “a compelling and well-documented account of one man’s use of his control over multiple entities to squander investor funds, enrich himself, and, ultimately, commit securities fraud.”